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Sumango and Aritma’s partnership boosts integration with Norwegian banks, driving growth and market edge, paving the way for global expansion and showcasing the impact of strategic fintech collaborations.
'Having Aritma, a partner well-versed in the banks and their challenges, was crucial for us to ensure integrations with all Norwegian banks.'
Sumango, once known for its accounting software, has evolved into a key player in the fintech sector as part of the Oseberg Group. They now develop apps and complementary products for Microsoft Dynamics 365 Business Central (SaaS), serving over 700 companies.
Connecting products to banks was complicated by their different requirements.
Partnering with Aritma enabled seamless bank integrations, optimizing workflow and focusing on core improvements.
Aritma’s solution boosted Sumango’s industry position, enabling expansion and positive market feedback.
In 2018, Sumango encountered difficulties connecting its products to Norwegian banks. With aspirations of upscaling and international growth, they recognized the need for an experienced partner, as the integration work took too much time and effort away from the operation and development of the products. To resolve this, Sumango sought the help of Aritma.
Ragnar Hellevammen, General Manager of Sumango, explains:
– We received a tip that Aritma could cover our need and booked a meeting. Since then, we have had a very productive development and a flourishing collaboration.
He has his thoughts on what the burden in today's banking infrastructure are for most fintech companies:
– The challenge in connecting with banks stems from the fact that banks are vastly different and face different challenges, resulting in vastly different data delivered to third parties. Having Aritma, a partner well-versed in the banks and their challenges, was crucial for us to ensure integrations with all Norwegian banks.
As a result of the partnership with Aritma, Sumango was able to integrate its solutions with all Norwegian banks, freeing up time and resources to focus on what they do best. The company later launched the apps, Sumango Autobank and Sumango Payroll and a built-in bank reconciliation using Aritma's platform.
Hellevammen says: – Anyone who uses Business Central can, with a few keystrokes, connect to Sumango Autobank, and then Aritma as a subcontractor. It has been a huge success.
He believes that having Aritma as a partner has been essential for Sumango, especially since the company has customers with advanced payment processing needs:
– A major advantage of having a player who mounts the technical equipment directly for the banks is that we finally can focus on other aspects and constantly work to improve our own solutions. Put another way, Aritma handles the things that happen before we get the data, and this creates a much better workflow for us.
Sumango's solutions have received positive feedback, giving the company a competitive advantage in the industry. Hellevammen explains:
– The feedback from customers and partners has been great. We also score highly in the market because we are connected directly to the banks, not all our competitors are.
Sumango Autobank has experienced a great growth in Norway, and they are now expanding the solution to more countries, including Sweden, Denmark, Finland, Germany, and the U.S. Hellevammen adds:
– We know our products have an enormous potential, and to expand into several countries is quite exciting. Along the way, we need a professional partner with the same ambitions, and we believe the collaboration with Aritma will continue to develop and grow.
In conclusion, Sumango’s collaboration with Aritma has been a huge success and has given the company a competitive advantage in the industry. With Aritma’s support, Sumango has big plans for expansion in several countries, and the potential is great.
Ready to transform your financial operations like Sumango? Connect with us to explore the potential of the Aritma Open Finance Platform for your business. Reach out to our sales team now and start your journey towards seamless banking integration and unparalleled customer experiences.
Are you interested in what Aritma can do for you? Contact us to schedule a free demo!
Aritma AS is a licenced PSD2 provider through the Norwegian Financial Authority (Account Information Service Providers).